Insurance

TANZANIA’S insurance market registered a steady growth over the last 10 years, reflecting 300 per cent increase in premium income from 34.5bn/- in 1997 to 115.4bn/- last year.

The Commissioner of Insurance, Mr Israel Kamuzora, said following the enactment of the Insurance Act of 1996, that liberalized the industry, local and foreign private players were allowed in the country.

He said insurance companies grew from two to 17, includin g one re-insurance firm, while brokers rose to 58 from one. (more…)